BTCT Acquires 293 BTC for $31.5M to Boost Institutional Lending

BTCT, a newly listed Canadian company, has announced that its shares will begin trading on the TSX Venture Exchange starting Monday under the ticker “BTCT.” This development follows a successful CA$125 million ($92M) funding round, during which the company issued over 426,000 new shares at CA$10 each. As a result, BTCT now has more than 10 million shares outstanding. These newly issued shares will be subject to a short-term trading restriction in accordance with Canadian securities law.

As part of its strategic plan, BTCT has utilized a portion of the capital raised to acquire nearly 293 BTC, valued at approximately $31.5 million. This acquisition marks the company's first significant purchase as part of a long-term strategy aimed at providing institutional lending and liquidity solutions backed by Bitcoin reserves. Following this accumulation phase, BTCT plans to release a Bitcoin-per-share metric.

BTCT’s decision to leverage Bitcoin as a reserve asset and a tool for capital efficiency reflects a broader trend among crypto firms. This move underscores the growing recognition of Bitcoin's potential not only as a store of value but also as a means to enhance financial operations and liquidity management. The company's strategy aligns with the increasing interest in Bitcoin among long-term holders, who are also bolstering their positions despite recent market fluctuations.